| Cape Coral builders already
have pulled more home permits this year than any time in history
– and there still are three months left in the city’s
fiscal calendar.
As of the end of June, there were 2,822 single-family building
permits had been issued, compared with 2,783 in all of last
year. The city keeps statistics for the fiscal year, which
ends Sept. 30.
It’s growing beyond what everyone expected,” said
Michael Schneider-Christians, a real estate agent with Century
21-Sunbelt Realty Inc.
There also appears to be no letup in housing demand.
“All the projections we’ve seen shows there’s
still another 10 years of continued growth,” said Bob
Knight, vice president of Paul Homes. “We have the climate,
the waterfront and the quality of life. We’ve got it
all.”
All the stars seem to be in perfect alignment for Cape real
estate.
Mortgage interest rates are at their lowest in history, baby
boomers are hitting retirement age and moving to Florida,
waterfront property still is relatively affordable in the
Cape and the euro is strong for the foreign investor.
“The resale (home) market has also gotten so high that
it’s cheaper to build, for those who can wait,”
said Siggi Ahrens, a real estate agent with
the VIP Realty Group in Fort Myers.
And with larger developments – such as Bonita Bay’s
1,300 housing units, 1,700 units in
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Entrada and nearly 1,000 more
in Sunset Lakes – expected to start construction in
the next year, the trend is predicted to continue.
The Cape also is inching closer to the record numbers Lee
County builders are setting.
In June, Cape builders pulled 379 single family permits compared
with 445 in Lee County in May, the last figures available
from the county. Lee County’s permit statistics include
all of the unincorporated areas, such as Lehigh Acres, as
well as the city of Bonita Springs and the town of Fort Myers
Beach.
Banks also are cashing in on the record building rate.
First National Bank of Florida issued a record $30 million
in mortgages last month, eclipsing the previous record by
nearly $10 million, said Dan Grahl, a senior vice president
with the bank in Cape Coral.
The city also gets its share of money from a strong building
industry.
Cape Coral collects impact fees on every new home for new
parks, roads, bike paths and the water and sewer system. The
$1,115 fee it charges for parks alone will help the city buy
future parkland.
But Schneider-Christians warned that unchecked growth could
have a downside.
“What are the problems that are coming?” he said.
“What about the schools and roads? That’s going
to be a real problem. It’s a little scary.”
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